Market updates for 03/12/2012

 

Nifty daily chart

 

 

 

Nifty has breached the channel formation on Thursday's trading session. The thickness of the channel is around 150 points. So now the expected target will be 5950. From 5950 Nifty may correct by few points. So swing traders should book partial profit around 5950 nad re enter at lower levels. RSI is not over bought which indicates that Nifty has some more strength to move towards 5950.

 

Nifty weekly chart

 

 

 

Fibonacci levels are drawn from 6300 to 4530. Nifty has sustained above 5642 which is 61.8% retracement. Now the next target is 5950.

 

Chart of the day

 

Bank Nifty weekly chart

 

 

Bank Nifty has breached trend line resistance and now it is expected to move towards 12500.

 

Nifty medium term trend

 

Trend	UP
Initiation Date	29-11-12
Initiated at	5825
High since change	5879
Reversal if closes below	5575

 

 

Top Pick for the month of December :

 CANARA BANK

CMP : Rs.464

 

Thought for the day

I am not afride of stroms for I am learning how to sail my ship.